IDENTIFYING THE HUNTER’S STRENGTHS FOR THE FUTURE

Innovation is at the heart of the Australian Government’s plan to deliver a modern, dynamic, 21st century economy and according to the Prime Minister, RDA Hunter is showing great leadership by delivering positive change, new ideas and new opportunities for the future through its Smart Specialisation Strategy for the Hunter Region.

The Strategy, which is Australia’s first, identifies the Hunter’s competitive advantages to deliver a strong and focused economic development agenda that is supported by innovation and entrepreneurship.

“Innovation drives growth and prosperity, underpins productivity and will help deliver the jobs of tomorrow,” said Mr Turnbull.

“The Australian government is investing $1.1 billion in a National Innovation and Science Agenda to promote a culture of innovation right across the economy.”

“It’s fantastic to see Regional Development Australia Hunter investing in innovation through their Smart Specialisation initiative which builds on the Hunter region’s competitive strengths.”

“I commend RDA Hunter for its agility and the enormous opportunity this initiative presents for the prosperity of the region,” continued Prime Minister Turnbull.

Smart Specialisation Strategy for the Hunter Region is based on an OECD framework implemented widely across the European Union. It establishes an agenda for economic transformation in the Hunter region by analysing and defining regional competencies and determining new areas of opportunity.

“We warmly welcome the Australian Government’s National Innovation and Science Agenda which unlocks the potential for innovation driven economic growth,” said Mr Todd Williams CEO of RDA Hunter.

“Our Smart Specialisation initiative aims to prioritise the region’s unique strengths, support and grow the Hunter’s innovation ecosystem, promote entrepreneurship and identify areas that have potential to employ people – especially in the more technically advanced jobs we will see in the future,” continued Mr Williams.

To help the Hunter grow and remain internationally competitive it must identify priorities for its future – areas in which it has a competitive advantage and which will deliver economic growth.

Priority areas are those which will create jobs and economic prosperity. They are areas that have potential to employ people – especially in more technically advanced jobs as the Hunter will continue to experience a shift in its industrial base. The Smart Specialisation process identified these priority areas.

What is Smart Specialisation?

• Smart Specialisation is an OECD framework (implemented widely across the European Union) which establishes an agenda for economic transformation by analysing and defining regional competencies and determining new areas of opportunity
• The Hunter is the first region in Australia to undertake a Smart Specialisation
• Analysis of the region’s current situation is the first part of a Smart Specialisation
• The region’s unique competitive advantages would be identified in this (Stage One) process (recognising the industrial and economic history)

The Hunter’s Smart Specialisation identifies:

• the region’s current and most promising unique strengths;
• businesses that will create the jobs of the future;
• productive research and innovation activities; and
• collaborations to improve productivity, competitiveness and prosperity.